Biotech
Monday, July 22nd, 2024 6:39 pm EDT
Key Points
- Appointment of Neil Klompas: Nervgen Pharma Corp. has appointed Neil Klompas to its board of directors, bringing over two decades of expertise in finance, licensing, mergers and acquisitions, and biotech start-ups.
- Clinical Trial of NVG-291: NVG-291, Nervgen’s lead drug candidate, is undergoing a phase 1b/2a clinical trial for treating spinal cord injuries, aiming to evaluate its efficacy using various clinical outcome measures and biomarkers.
- Stock Options Granted: The company has granted 150,000 incentive stock options to Mr. Klompas, exercisable at $2.85 per share over five years, vesting equally every three months over a year.
Nervgen Pharma Corp. has appointed Neil Klompas to the company’s board of directors.
“We are very pleased that Neil is joining our board at a pivotal time as we prepare for future growth,” said Glenn Ives, Nervgen’s chairman. “His substantial expertise of over two decades in U.S. and Canadian finance, licensing, and mergers and acquisitions as well as his operational experience in building start-up biotech companies with multiple development programs will be a valuable addition to the company.”
“I am very excited to work with Nervgen’s board and executive management team to advance the company’s pipeline, which offers new hope for patients suffering from nervous system damage and neurodegenerative diseases,” said Mr. Klompas. “NVG-291, which is currently in a phase 1b/2a clinical trial in individuals with spinal cord injury, is a unique, first-in-class drug candidate and I look forward to doing my part in driving Nervgen’s mission forward and helping realize the potential of this innovative therapy.”
Mr. Klompas is an experienced life sciences and health care sector executive and board member who recently served as president and chief operating officer of Zymeworks Inc. During his time with the company, he oversaw finance and operations executing the company’s initial public offering on the New York Stock Exchange and the Toronto Stock Exchange. Prior to Zymeworks, Mr. Klompas worked with KPMG LLP as part of the pharmaceutical, biotech and medical devices M&A (merger and acquisition) transaction services practice in Princeton, N.J., and with KPMG LLP in the life sciences assurance practice based in Vancouver. Mr. Klompas has served as board chair for Ovensa Inc. and as the chair of the audit committee and special committee of Liminal Biosciences Inc. until its acquisition in 2023. He holds his BSc in microbiology and immunology from the University of British Columbia and is a chartered professional accountant.
The company also announced that it has granted 150,000 incentive stock options to Mr. Klompas, which are exercisable at a price of $2.85 per share for a period of five years and vest equally every three months over a one-year period. All options have been granted in accordance with the policies of the TSX Venture Exchange and the conditions of the company’s stock option plan.
About the NVG-291 phase 1b/2a trial
The double-blind, placebo-controlled proof-of-concept trial (NCT05965700) will evaluate the efficacy of NVG-291 in two separate cohorts of individuals with cervical spinal cord injury — chronic (one year to 10 years after injury) and subacute (those with a more recent injury) — given demonstrated efficacy in preclinical models of both chronic and acute spinal cord injury. The trial is designed to evaluate the efficacy of a fixed dose of NVG-291 using multiple clinical outcome measures as well as objective electrophysiological and MRI (magnetic resonance imaging) measures and blood biomarkers that, together, will provide comprehensive information about the extent of recovery of function, with a focus on improvements in motor function. Specifically, the primary objective is to assess the change in corticospinal connectivity of defined upper and lower extremity muscle groups following treatment based on changes in motor-evoked potential amplitudes. Secondary objectives are to evaluate changes in a number of clinical outcome assessments focusing on motor function, upper extremity dexterity and grasping and mobility, as well as changes in additional electrophysiological measurements. Each cohort will be evaluated independently as the data become available. The trial is being partially financed by a grant from Wings for Life, which is being provided in several milestone-based payments that will offset a portion of the direct costs of this clinical trial.
About Nervgen Pharma Corp.
Nervgen is a clinical-stage biotechnology company dedicated to developing innovative treatments that enable the nervous system to repair itself following damage, whether due to injury or disease. Nervgen’s lead drug candidate, NVG-291, is currently being evaluated in a phase 1b/2a clinical trial in the company’s initial target indication — spinal cord injury.
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